Fri
Aug 14 2020
01:46 pm
By: bizgrrl

Foothills Mall is a small mall in Blount County. It is also the only mall in the county.

Two of the three large anchor stores are closed, one for a year or more, the other closed early in the pandemic.

Publix wants to build a stand-alone store next to the mall. It will require tearing down the old Sears store.

The mall owner is suing Publix. They claim that the developer plans to demolish the old Sears building and build a standalone grocery store would violate a series of agreements and ultimately impede public access to other mall properties.

I am definitely no commercial real estate expert. Impede access!?!? The mall is dying. It would seem any mall owner would be happy to have a business close to their property to attract customers, especially during a pandemic.

Alas.

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jbr's picture

Can't see the forest for the

Can't see the forest for the tress

bizgrrl's picture

Then there is this, Property

ann viera's picture

Capital City: Gentrification and the Real Estate State by Stein

"I am definitely no commercial real estate expert." o.k.

Here is some background reading:
(link...)

"Our cities are changing. Around the world, more and more money is being invested in buildings and land. Real estate is now a $217 trillion dollar industry, worth thirty-six times the value of all the gold ever mined. It forms sixty percent of global assets, and one of the most powerful people in the world—the president of the United States—made his name as a landlord and developer.

Samuel Stein shows that this explosive transformation of urban life and politics has been driven not only by the tastes of wealthy newcomers, but by the state-led process of urban planning. Planning agencies provide a unique window into the ways the state uses and is used by capital, and the means by which urban renovations are translated into rising real estate values and rising rents.

Capital City explains the role of planners in the real estate state, as well as the remarkable power of planning to reclaim urban life."

bizgrrl's picture

We've had some experience

We've had some experience with city planners in Alcoa to no avail. They wanted to develop a city center. Hired organizations to work on a plan. Now all they want is someone to build something, anything. Doesn't help that the site is a toxic mess.

michael kaplan's picture

Capital

Real estate is now a $217 trillion dollar industry, worth thirty-six times the value of all the gold ever mined.

That's interesting. In Capital, Volume 3, Marx writes:

"The owners of labor power, owners of capital, and owners of land, whose respective sources of income are wages, profit and ground rent, in other words, wage laborers, capitalists and landowners, constitute then three big classes of modern society based upon the capitalist mode of production."

Real estate represents the monopolization of a scarce resource. I've read that China is buying up gold and real estate, and already has the largest pool of labor power in the world. So there we are ...

JR01's picture

Could be worse

At least it’s not a storage unit complex. Like developers in some other nearby cities want to build next to a dead/dying mall.

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